2014 Economics WAEC SSCE (School Candidates) May/June: Difference between revisions

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Economics 1 - Objective

Human wants are unlimited because
1. production is inadequate
2. resources have alternative uses
3. new wants always arise
4. resources are limited
A basic economic problem of any society is
1. high level of ilititeracy
2. irregular power supply
3. population growth
4. resource allocation
In a centrally planned economy, what to produce is
1. determined by the forces of demand and supply
2. driven by profit motive
3. determined by consumers
4. the responsibility of state's bureaucrats
Which of the following is related to resource allocation in an economy?
1. How to produce
2. What to produce
3. For whom to produce
4. Efficient use of inputs
Which of the following is not a feature of socialism?
1. Collective oenership of productive resources
2. Freedom of enterprise
3. Production is not based on the profit motive
4. Maximization of public welfare
Households make economic decisions because they want to
1. make more profit
2. increase their salaries and wages
3. increase their purchases
4. maximize their satisfaction
State owned enterprises are more common in
1. centrally planned economies
2. mixed economies
3. capital economies
4. developed economies
A normal supply curve has a positive slope which indicates that
1. sellers are willing to sell more at a lower price
2. sellers are indifferent to price
3. sellers are willing to sell more at a higher price
4. there is always a fixed supply
To control inflation, the central bank of a country may adopt
1. an expansionary monetary policy
2. a restrictive monetary policy
3. an increased wage policy
4. a deficit financing policy
Disposable income is the income earned
1. by the nationals of country resident within the country
2. from productive activities of nationals of a country both at home and abroad
3. when personal income tax is deducted from personal income
4. when the gross income of an individual is added to personal income tax
Livestock production in West Africa is hindered mainly by
1. inadequate demand
2. use of traditional implements
3. land tenure system
4. pests and diseases
The componentsof a three-sector economy are
1. banks, schools and hospitals
2. workers, producers and marketers
3. households, firms, and the government.
4. producers, retailers and wholesalers
A declining population is one in which the population is
1. experiencing a high rate of emigration
2. made up of large number of old people
3. not producing enough goods
4. not contributing enough to the national income
Which of the following agencies help to stabilize farmer’s income?
1. local government authorities
2. trade unions
3. marketing boards
4. cooperative organizations
Other things being equal, an increase in supply will lead to
1. a fall in price and increase in quantity bought and sold
2. an increase in price and increase in quantity bought and sold
3. a fall in price and a fall in quantity bought and sold
4. an increase in quantity supplied and demanded only
Examples of joint stock banks are
1. commercial banks
2. co-operative credit societies
3. central banks
4. develpoment banks
Which of the following is not a characteristic of a developing country? High
1. real per capital income
2. level of primary production
3. population growth rate
4. level of illiteracy
Goods consumed out of habit have
1. elastic demand
2. perfectly elastic demand
3. inelastic demand
4. unitary elastic demand
Which of the following items is not a recurrent expenditure?
1. building of schools and colleges
2. maintenance of school building
3. payment of techers' salaries
4. purchase of stationery for examinations
If the coefficient of price elasticity of demand is 0,1, demand is
1. elastic
2. inelastic
3. zero elastic
4. unitary elastic
The profit of a producer is the difference between
1. total cost and marginal cost
2. total revenue and total cost
3. average cost and total cost
4. price and total cost
The rate of increase in utility is
1. average utility
2. increasing utility
3. total utility
4. marginal utility
The supply of tea is linearly presented as P=0.2Q, where P is the price Q is the quantity. What is the P when Q = 25
1. $0.08
2. $5.00
3. $25.02
4. $125
Increase in supply due to changes in plant size will take place only in the
1. normal time
2. long run
3. market period
4. short run
The long run average cost curve is made up of several short-run
1. marginal and average cost curves
2. average cost curves
3. average variable cost curves
4. average variable and total cost curves
Question 26
1. Option a
2. Option b
3. Option c
4. Option d
Question 27
1. Option a
2. Option b
3. Option c
4. Option d
Question 28
1. Option a
2. Option b
3. Option c
4. Option d
Question 29
1. Option a
2. Option b
3. Option c
4. Option d
Question 30
1. Option a
2. Option b
3. Option c
4. Option d
Question 31
1. Option a
2. Option b
3. Option c
4. Option d
Question 32
1. Option a
2. Option b
3. Option c
4. Option d
Question 33
1. Option a
2. Option b
3. Option c
4. Option d
Question 34
1. Option a
2. Option b
3. Option c
4. Option d
Question 35
1. Option a
2. Option b
3. Option c
4. Option d
Question 36
1. Option a
2. Option b
3. Option c
4. Option d
Question 37
1. Option a
2. Option b
3. Option c
4. Option d
Question 38
1. Option a
2. Option b
3. Option c
4. Option d
Question 39
1. Option a
2. Option b
3. Option c
4. Option d
Question 40
1. Option a
2. Option b
3. Option c
4. Option d
Question 41
1. Option a
2. Option b
3. Option c
4. Option d
Question 42
1. Option a
2. Option b
3. Option c
4. Option d
Question 43
1. Option a
2. Option b
3. Option c
4. Option d
Question 44
1. Option a
2. Option b
3. Option c
4. Option d
Question 45
1. Option a
2. Option b
3. Option c
4. Option d
Question 46
1. Option a
2. Option b
3. Option c
4. Option d
Question 47
1. Option a
2. Option b
3. Option c
4. Option d
Question 48
1. Option a
2. Option b
3. Option c
4. Option d
Question 49
1. Option a
2. Option b
3. Option c
4. Option d
Question 50
1. Option a
2. Option b
3. Option c
4. Option d

Economics 2 - Essay

Section A

Answer one question only from this section.

Question 1
1. Sub-question a
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
2. Sub-question b
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
3. Sub-question c
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
4. Sub-question d
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
5. Sub-question e
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
6. Sub-question f
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
Question 2
1. Sub-question a
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
2. Sub-question b
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
3. Sub-question c
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
4. Sub-question d
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
5. Sub-question e
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
6. Sub-question f
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v

Section B

Answer three questions only from this section.

Question 3
1. Sub-question a
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
2. Sub-question b
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
3. Sub-question c
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
4. Sub-question d
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
5. Sub-question e
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
6. Sub-question f
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
Question 4
1. Sub-question a
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
2. Sub-question b
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
3. Sub-question c
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
4. Sub-question d
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
5. Sub-question e
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
6. Sub-question f
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
Question 5
1. Sub-question a
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
2. Sub-question b
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
3. Sub-question c
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
4. Sub-question d
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
5. Sub-question e
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
6. Sub-question f
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
Question 6
1. Sub-question a
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
2. Sub-question b
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
3. Sub-question c
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
4. Sub-question d
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
5. Sub-question e
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
6. Sub-question f
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
Question 7
1. Sub-question a
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
2. Sub-question b
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
3. Sub-question c
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
4. Sub-question d
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
5. Sub-question e
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
6. Sub-question f
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
Question 8
1. Sub-question a
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
2. Sub-question b
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
3. Sub-question c
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
4. Sub-question d
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
5. Sub-question e
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v
6. Sub-question f
  1. Sub-question i
  2. Sub-question ii
  3. Sub-question iii
  4. Sub-question iv
  5. Sub-question v

@@ Line 3: / Line 3: @@
 === Economics 1 - Objective ===
 <ol>
-     <li>Question 1
+     <li>Human wants are unlimited because
          <ol type="a">
-             <li>Option a</li>
+             <li>production is inadequate</li>
-             <li>Option b</li>
+             <li>resources have alternative uses</li>
-             <li>Option c</li>
+             <li>new wants always arise</li>
-             <li>Option d</li>
+             <li>resources are limited</li>
          </ol>
      </li>
-     <li>Question 2
+     <li>A  basic  economic  problem  of  any  society  is
          <ol type="a">
-             <li>Option a</li>
+             <li>high level of ilititeracy</li>
-             <li>Option b</li>
+             <li>irregular power supply</li>
-             <li>Option c</li>
+             <li>population growth</li>
-             <li>Option d</li>
+             <li>resource allocation</li>
          </ol>
      </li>
-     <li>Question 3
+     <li>In a  centrally  planned  economy,  what  to  produce is
          <ol type="a">
-             <li>Option a</li>
+             <li>determined by the forces of demand and supply</li>
-             <li>Option b</li>
+             <li>driven by profit motive</li>
-             <li>Option c</li>
+             <li>determined by consumers</li>
-             <li>Option d</li>
+             <li>the responsibility of state's bureaucrats</li>
          </ol>
      </li>
-     <li>Question 4
+     <li>Which  of  the  following  is  related  to  resource allocation  in  an  economy?
          <ol type="a">
-             <li>Option a</li>
+             <li>How to produce</li>
-             <li>Option b</li>
+             <li>What to produce</li>
-             <li>Option c</li>
+             <li>For whom to produce</li>
-             <li>Option d</li>
+             <li>Efficient use of inputs</li>
          </ol>
      </li>
-     <li>Question 5
+     <li>Which  of  the  following  is  not  a  feature  of  socialism?
          <ol type="a">
-             <li>Option a</li>
+             <li>Collective oenership of productive resources</li>
-             <li>Option b</li>
+             <li>Freedom of enterprise</li>
-             <li>Option c</li>
+             <li>Production is not based on the profit motive</li>
-             <li>Option d</li>
+             <li>Maximization of public welfare</li>
          </ol>
      </li>
-     <li>Question 6
+     <li>Households  make  economic  decisions  because they  want  to
          <ol type="a">
-             <li>Option a</li>
+             <li>make more profit</li>
-             <li>Option b</li>
+             <li>increase their salaries and wages</li>
-             <li>Option c</li>
+             <li>increase their purchases</li>
-             <li>Option d</li>
+             <li>maximize their satisfaction</li>
          </ol>
      </li>
-     <li>Question 7
+     <li>State  owned  enterprises are  more  common  in
          <ol type="a">
-             <li>Option a</li>
+             <li>centrally planned economies</li>
-             <li>Option b</li>
+             <li>mixed economies</li>
-             <li>Option c</li>
+             <li>capital economies</li>
-             <li>Option d</li>
+             <li>developed economies</li>
          </ol>
      </li>
-     <li>Question 8
+     <li>A normal supply  curve  has  a  positive  slope  which indicates that
          <ol type="a">
-             <li>Option a</li>
+             <li>sellers are willing to sell more at a lower price</li>
-             <li>Option b</li>
+             <li>sellers are indifferent to price</li>
-             <li>Option c</li>
+             <li>sellers are willing to sell more at a higher price</li>
-             <li>Option d</li>
+             <li>there is always a fixed supply</li>
          </ol>
      </li>
-     <li>Question 9
+     <li>To  control inflation, the  central  bank  of  a  country may  adopt
          <ol type="a">
-             <li>Option a</li>
+             <li>an expansionary monetary policy</li>
-             <li>Option b</li>
+             <li>a restrictive monetary policy</li>
-             <li>Option c</li>
+             <li>an increased wage policy</li>
-             <li>Option d</li>
+             <li>a deficit financing policy</li>
          </ol>
      </li>
-     <li>Question 10
+     <li>Disposable income is  the  income earned
          <ol type="a">
-             <li>Option a</li>
+             <li>by the nationals of country resident within the country</li>
-             <li>Option b</li>
+             <li>from productive activities of nationals of a country both at home and abroad</li>
-             <li>Option c</li>
+             <li>when personal income tax is deducted from personal income</li>
-             <li>Option d</li>
+             <li>when the gross income of an individual is added to personal income tax</li>
          </ol>
      </li>
-     <li>Question 11
+     <li>Livestock production in  West  Africa is  hindered mainly by
          <ol type="a">
-             <li>Option a</li>
+             <li>inadequate demand</li>
-             <li>Option b</li>
+             <li>use of traditional implements</li>
-             <li>Option c</li>
+             <li>land tenure system</li>
-             <li>Option d</li>
+             <li>pests and diseases</li>
          </ol>
      </li>
-     <li>Question 12
+     <li>The  componentsof  a  three-sector economy are
          <ol type="a">
-             <li>Option a</li>
+             <li>banks, schools and hospitals</li>
-             <li>Option b</li>
+             <li>workers, producers and marketers</li>
-             <li>Option c</li>
+             <li>households, firms, and the government.</li>
-             <li>Option d</li>
+             <li>producers, retailers and wholesalers</li>
          </ol>
      </li>
-     <li>Question 13
+     <li> A declining  population  is  one  in  which  the population is
          <ol type="a">
-             <li>Option a</li>
+             <li>experiencing a high rate of emigration</li>
-             <li>Option b</li>
+             <li>made up of large number of old people</li>
-             <li>Option c</li>
+             <li>not producing enough goods</li>
-             <li>Option d</li>
+             <li>not contributing enough to the national income</li>
          </ol>
      </li>
-     <li>Question 14
+     <li>Which  of  the  following  agencies  help  to  stabilize farmer’s  income?
          <ol type="a">
-             <li>Option a</li>
+             <li>local government authorities</li>
-             <li>Option b</li>
+             <li>trade unions</li>
-             <li>Option c</li>
+             <li>marketing boards</li>
-             <li>Option d</li>
+             <li>cooperative organizations</li>
          </ol>
      </li>
-     <li>Question 15
+     <li>Other things being equal, an increase in supply will lead to
          <ol type="a">
-             <li>Option a</li>
+             <li>a fall in price and increase in quantity bought and sold</li>
-             <li>Option b</li>
+             <li>an increase in price and increase in quantity bought and sold</li>
-             <li>Option c</li>
+             <li>a fall in price and a fall in quantity bought and sold</li>
-             <li>Option d</li>
+             <li>an increase in quantity supplied and demanded only</li>
          </ol>
      </li>
-     <li>Question 16
+     <li>Examples  of  joint  stock  banks  are
          <ol type="a">
-             <li>Option a</li>
+             <li>commercial banks</li>
-             <li>Option b</li>
+             <li>co-operative credit societies</li>
-             <li>Option c</li>
+             <li>central banks</li>
-             <li>Option d</li>
+             <li>develpoment banks</li>
          </ol>
      </li>
-     <li>Question 17
+     <li>Which  of  the  following  is  not  a  characteristic  of  a developing  country?  High
          <ol type="a">
-             <li>Option a</li>
+             <li>real per capital income </li>
-             <li>Option b</li>
+             <li>level of primary production</li>
-             <li>Option c</li>
+             <li>population growth rate</li>
-             <li>Option d</li>
+             <li>level of illiteracy</li>
          </ol>
      </li>
-     <li>Question 18
+     <li>Goods  consumed  out  of  habit  have
          <ol type="a">
-             <li>Option a</li>
+             <li>elastic demand</li>
-             <li>Option b</li>
+             <li>perfectly elastic demand</li>
-             <li>Option c</li>
+             <li>inelastic demand</li>
-             <li>Option d</li>
+             <li>unitary elastic demand</li>
          </ol>
      </li>
-     <li>Question 19
+     <li>Which  of  the  following  items  is  not  a  recurrent expenditure?
          <ol type="a">
-             <li>Option a</li>
+             <li>building of schools and colleges</li>
-             <li>Option b</li>
+             <li>maintenance of school building</li>
-             <li>Option c</li>
+             <li>payment of techers' salaries</li>
-             <li>Option d</li>
+             <li>purchase of stationery for examinations</li>
          </ol>
      </li>
-     <li>Question 20
+     <li>If  the  coefficient  of  price  elasticity  of  demand  is 0,1,  demand  is
          <ol type="a">
-             <li>Option a</li>
+             <li>elastic</li>
-             <li>Option b</li>
+             <li>inelastic</li>
-             <li>Option c</li>
+             <li>zero elastic</li>
-             <li>Option d</li>
+             <li>unitary elastic</li>
          </ol>
      </li>
-     <li>Question 21
+     <li>The  profit  of  a  producer  is  the  difference  between
          <ol type="a">
-             <li>Option a</li>
+             <li>total cost and marginal cost</li>
-             <li>Option b</li>
+             <li>total revenue and total cost</li>
-             <li>Option c</li>
+             <li>average cost and total cost</li>
-             <li>Option d</li>
+             <li>price and total cost</li>
          </ol>
      </li>
-     <li>Question 22
+     <li>The  rate  of  increase  in  utility  is
          <ol type="a">
-             <li>Option a</li>
+             <li>average utility</li>
-             <li>Option b</li>
+             <li>increasing utility</li>
-             <li>Option c</li>
+             <li>total utility</li>
-             <li>Option d</li>
+             <li>marginal utility</li>
          </ol>
      </li>
-     <li>Question 23
+     <li>The  supply  of  tea  is  linearly  presented  as  P=0.2Q, where P  is  the  price  Q  is  the  quantity.  What  is  the P  when  Q  =  25
          <ol type="a">
-             <li>Option a</li>
+             <li>$0.08</li>
-             <li>Option b</li>
+             <li>$5.00</li>
-             <li>Option c</li>
+             <li>$25.02</li>
-             <li>Option d</li>
+             <li>$125</li>
          </ol>
      </li>
-     <li>Question 24
+     <li>Increase  in  supply  due  to  changes  in  plant  size will  take  place  only  in  the
          <ol type="a">
-             <li>Option a</li>
+             <li>normal time</li>
-             <li>Option b</li>
+             <li>long run</li>
-             <li>Option c</li>
+             <li>market period</li>
-             <li>Option d</li>
+             <li>short run</li>
          </ol>
      </li>
-     <li>Question 25
+     <li>The  long  run  average  cost  curve  is  made  up  of several  short-run
          <ol type="a">
-             <li>Option a</li>
+             <li>marginal and average cost curves</li>
-             <li>Option b</li>
+             <li>average cost curves</li>
-             <li>Option c</li>
+             <li>average variable cost curves</li>
-             <li>Option d</li>
+             <li>average variable and total cost curves</li>
          </ol>
      </li>